Cosmo Jiang

Investor

| GP + PM @PanteraCapital | @solana_company | @novariverxyz |

Opinions are my own, not investment advice

[Cosmo Jiang @cosmo_jiang]

Spot the moment when TradFi investors started taking Hyperliquid and perps seriously

Disruptors are eating the incumbents

[Cosmo Jiang @cosmo_jiang]

Perps weren’t born on blockchain by accident

Digital assets had the necessary conditions: 24/7, global, real-time and internet-native

Now the US regulatory door is opening

Hyperliquid's success is undeniable, and shows crypto-native market structure is now on the main stage

[Pantera Capital @PanteraCapital]

Last Friday, the CFTC opened the door to perpetual futures in the U.S.

After years of regulatory headwinds, perps are graduating from crypto’s edge into mainstream finance.

@HyperliquidX has been building exactly what the market needs: a fast, onchain, 24/7, permissionless platform.

As Wall Street plays catch up, Hyperliquid is now positioned to House All of Finance.

https://t.co/1FE5E5PwKc

[Pantera Capital @PanteraCapital]

https://t.co/aEVYgf1ntr

[Cosmo Jiang @cosmo_jiang]

Capital markets only function with trust between investors and business builders, and that trusts starts with clear and transparent disclosure.

Tokens are a new form of capital formation. The Token Transparency Framework is essential to move the industry in the right direction.

[Blockworks @Blockworks]

Introducing the Transparency Alliance.

An industry-led alliance establishing the Token Transparency Framework as the standard for token market disclosures.

[Cosmo Jiang @cosmo_jiang]

Hyperliquid

[Eric Vishria @ericvishria]

I’m so fucking proud of this team.

They took an extraordinarily difficult technical swing with wafer-scale and connected on the first try.

Then they spent years grinding through packaging, cooling, compilers, frameworks, early customers, and everything else required to turn a technical breakthrough into a real company — swinging and missing and learning and trying again.

Most importantly, they stayed clear-eyed about what they had (a technical marvel) and what they didn’t (enough advantage in training), saw the opportunity emerging in inference, and adapted.

That kind of persistence — not to be confused with stubbornness — is incredibly hard to describe, but absolutely essential in the unstable substrate of AI.

The requirements of AI today will not be the requirements of AI tomorrow. But this team will keep figuring it out.

And I’m here for it.

[Cosmo Jiang @cosmo_jiang]

Digital assets are shaking out of a bear market as price catches up to fundamentals, including impact of the convergence of AI and Blockchain.

Thanks for having me on to share these views Melissa @CNBC

[Pantera Capital @PanteraCapital]

Markets rotate. Hot sectors like memory chips and semiconductors recently outperformed Bitcoin.

@cosmo_jiang explains that this rotation contributed to Bitcoin’s pullback late last year and early this year, driven by momentum investors chasing the hottest pockets.

$Bitcoin is performing strongly again, and investors are remembering why digital assets remain one of the most compelling early-stage asset classes with tremendous growth potential, especially from current oversold levels.

@CNBCClosingBell

[Pantera Capital @PanteraCapital]

The most powerful periods of technological progress happen when two transformative technologies reinforce each other.

We saw it with steam and railroads. We saw it with the internet and smartphones. Now it’s happening with AI and blockchain.

Blockchain is uniquely positioned to power the next wave of autonomous AI agents through faster, cheaper, and more global rails.

This convergence is already underway and will unlock massive economic activity.

@cosmo_jiang @SquawkCNBC

[Cosmo Jiang @cosmo_jiang]

Every convo I've had this week at @MilkenInstitute and Medici has invariably touched on tokenization

We're far past whether this is a question of "if"

Ton of great work here from my colleagues @FranklinBi @sui414 @0xallyzach

[Pantera Capital @PanteraCapital]

Beyond the Digital Copy: What's Next for Tokenization?

Our research team developed a new index of 593 assets across a $320B market that reveals how far onchain finance still has to go.

Access the full report here:
https://t.co/eNKDSylULP

[Cosmo Jiang @cosmo_jiang]

When OpenAI launches a social network, they’ll want to be able to distinguish humans from bots

What better proof of human standard than @worldnetwork ?

[Polymarket Money @PolymarketMoney]

JUST IN: There's now a 54% chance OpenAI will release its own 'social network' this year.

[Pantera Capital @PanteraCapital]

Sam Altman @sama joins @cosmo_jiang to discuss why proof of human is necessary in the age of AI.

@masonnystrom also joins to share why Pantera invested in @worldnetwork.

In this episode, they cover:
- AI is advancing faster than Sam expected. The need for proof of human has never been stronger.
- Agents need to move money. Agentic payments are one of Sam's most personally exciting use cases.
- Proof of human as a substrate: driver's licenses, education, and employment credentials all appended to a verified human identity.
- Targeted advertising is the first massive use case as AI agents flood the internet.
- Advertisers will pay a premium for verified human impressions.
- World has 18 million verified humans today with 4 billion smartphone users as the addressable market.

01:27 Sam Altman's Keynote at World’s Lift-Off Event
02:12 Why World Was Built
03:48 Blockchain x AI
04:08 World ID Use Cases
04:47 World's Founding Vision
05:10 World ID Trajectory
05:50 Why Pantera Invested in World
06:45 Sam Altman Saw This Coming
07:10 Proof of Human at Scale
10:12 The Value of Digital Identity
11:11 Agents Need a Human in the Loop
11:42 Scaling to Billions of Users
12:53 Enterprise Partnerships

[Cosmo Jiang @cosmo_jiang]

@lokpray being on crypto should comport a discount, I would think?

or perhaps your point is that crypto users are even more slippage tolerant than your average retail user, and that's why there's a premium?

[Cosmo Jiang @cosmo_jiang]

Internet Capital Markets

Smart investors avoiding the triple layer fees and instead choosing frictionless blockchain tails to access late stage privates

[gum @gumsays]

This guy is up +$2M on Anthropic shares bought on Solana

He bought $524K at an average of ~$182 and is still holding most shares.

Retail is watching VCs run OpenAI, Anthropic and SpaceX to Trillions.

With @PreStocks, you can buy/sell/trade any pre-IPO stock

[Cosmo Jiang @cosmo_jiang]

Nothing beats field research, but some investors are only willing to go so far

@citrini and team wildly exceeding expectations vs me "counting cars in the parking lot"

Looking for any analysts with that level of dedication to join our team!

[Citrini @citrini]

Strait of Hormuz: A CitriniResearch Field Trip

The Field Report from Analyst #3 is live.

https://t.co/rwJffd8l81

[Cosmo Jiang @cosmo_jiang]

The need for Proof of Human is becoming increasingly clear

Adoption happening across multiple enterprises. Reddit just announced integration today. Who’s next?

[Alex Blania @alexblania]

Agentic capability is improving fast. We believe Proof of Human is becoming critical for the internet and many of the platforms we use (like X).

This paper explains why FaceID, face biometrics & government IDs won’t solve the problem, and what properties are most important.

[Cosmo Jiang @cosmo_jiang]

AI adoption is maturing faster than prior tech cycles, yet it still feels early innings

A key point @0xfishylosopher highlights is the movement of builders from FinTech into agent-tailored products, and increasingly blockchain rails

The best builders are migrating toward the same opportunity - I smell an inflection point

[The Rollup @therollupco]

Pantera Capital's @0xfishylosopher and @cosmo_jiang sat down with us to separate the real thesis from the noise on agentic finance.

- Three things most people get wrong about agentic payments.

- Why 'agent banking' is the actual category.

- And the specific infrastructure stack that needs to exist before agents can handle money autonomously.

Here's the breakdown.

[Mason Nystrom @masonnystrom]

Solana is the becoming the stablecoin market leader.

Solana now leads all chains in adjusted stablecoin volume, according to @AlliumLabs — filtering out wash activity and CEX internal flows.

February market share:
Solana — 36%
Ethereum — 30%
Tron — 15%
Base — 11%

[Pantera Capital @PanteraCapital]

Crypto is outperforming amid broader volatility because it was deeply oversold after October.

@cosmo_jiang, General Partner at Pantera on @CNBC Crypto World: Bitcoin and digital assets traded at a discount to long-term trend and strong fundamentals while gold and speculative stocks ran hot.

Now investors are returning to the safe-haven story: borderless, sovereignless, and untouched by geopolitical conflict.

Interesting entry point emerging.
@KenzieSigalos

[Pantera Capital @PanteraCapital]

From OpenClaw to x402, AI-native financial infrastructure is emerging on-chain.

@SPLehman and @cosmo_jiang outline why agentic commerce is a massive tailwind for blockchain.

[Sam Lehman @SPLehman]

Loved working on this paper with @cosmo_jiang! There is a ton of noise re: where blockchains can actually provide value for agentic finance. TLDR: retail e-commerce, meh | agent-scale microtransactions, exciting!

We spend some time getting into the best uses cases below👇

[Cosmo Jiang @cosmo_jiang]

https://t.co/U3iuXOioyy